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Pembridge Resources pushes ahead as production resumes at Minto mine

Snapshot

  • Focus is on the Minto copper-gold-silver mine in the Yukon
  • Restarted production in October
  • Off-take agreement Japanese firm Sumitomo
Pembridge Resources - Pembridge Resources pushes ahead as production resumes at Minto mine

Quick facts: Pembridge Resources PLC

Price: 12 GBX

LSE:PERE
Market: LSE
Market Cap: £8.25 m
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What Pembridge Resources does

Pembridge Resources PLC (LON:PERE) is a mining company focused on the Minto mine, located in the Yukon in Canada.

Minto is an open pit and underground copper-gold-silver mine located in central Yukon, approximately 240 kilometres north of the capital Whitehorse along the Klondike Highway.

The company’s subsidiary, Minto Explorations Limited, has operated the underground copper-gold-silver mine since production restarted at the site in October 2019, the mine had previously been in production between 2007 and 2018, after which it was under care and maintenance until the resumption.

In January, a new exploration programme got underway comprising drilling and a magnetic survey.

The first phase of drilling will see 53 holes drilled over 14,000m in the already identified deposits at Copper Keel West, Copper Keel North, Copper Keel South and Minto East II.

Pembridge wants to add to and expand existing reserves through the fully-funded C$2.1mln programme.

Assay results are expected from March onwards, by which time Pembridge will have started the second phase drilling of 52 holes to target step-out opportunities close to known mining zones, though the results of the MAG survey will influence how this programme develops.

Payments under an offtake agreement with Sumitomo started in November.

Inflexion points

  • In late-November, the company unveiled plans to raise between £3mln and £5mln via a share placing to fund the development of the Minto mine
  • The company has amended a streaming agreement for Minto with Canadian giant Wheaton that it expects will be worth as much as US$8.5m over the next 12 months
  • Three payments from Japanese firm Sumitomo Ltd for concentrates produced that month have been received.

Executive interview – CEO Gati Al-Jebouri

Blue Sky

Al-Jebouri noted in November that the company expects revenues at its mining subsidiary to “grow steadily as Minto progresses through its ramps up phase”.

MAG survey has highlighted possible new copper deposits close to existing mining zones 

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Pembridge Resources CEO details growth strategy and development plans

Pembridge Resources PLC (LON:PERE) chief executive and chairman Gati Al-Jebouri spoke to Proactive London's Andrew Scott following the announcement this morning confirming it has to date loaned £1.73mln to associate Minto Explorations Ltd and  intends to fulfil its financing commitment to...

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